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RBS Group 2011 421

Statement of changes in equity for the year ended 31 December 2011

2011 2010 2009

£m £m £m

Called-up share capital

At 1 January 15,125 14,630 9,898

Ordinary shares issued in respect of placing and open offer — — 4,227

Bshares issued —— 510

Ordinary shares issued 193 523 —

Preference shares redeemed — (1) (5)

Cancellation of non-voting deferred shares —(27) —

At 31 December 15,318 15,125 14,630

Paid-in equity

At 1 January 431 565 1,073

Securities redeemed —(132) (308)

Transfer to retained earnings — (2) (200)

At 31 December 431 431 565

Share premium account

At 1 January 23,922 23,523 27,471

Ordinary shares issued in respect of placing and open offer, net of £95 million expenses — — 1,047

Ordinary shares issued 79 281 —

Redemption of preference shares classified as debt — 118 —

Preference shares redeemed — — (4,995)

At 31 December 24,001 23,922 23,523

Merger reserve

At 1 January 2,391 14,641 —

Issue of B shares, net of £399 million expenses — — 24,591

Transfer to retained earnings (50) (12,250) (9,950)

At 31 December 2,341 2,391 14,641

Cash flow hedging reserve

At 1 January — (1) (4)

Amount transferred from equity to earnings — 13

At 31 December ——(1)

Capital redemption reserve

At 1 January 198 170 170

Preference shares redeemed — 1—

Cancellation of non-voting deferred shares —27 —

At 31 December 198 198 170

Contingent capital reserve

At 1 January (1,208) (1,208) —

Contingent capital agreement - consideration payable — — (1,208)

At 31 December (1,208) (1,208) (1,208)